Seeing as Americans are living longer, it is important to arrange for life after retirement. This can include medical coverage and Medicare or Medicaid. Medicaid planning is an important part of life for older individuals.
Everybody knows that the price of nursing homes is extremely expensive and it is costing more every year. The expenses could range anywhere from $3,000 to $10,000 each month! Recent surveys have revealed that people spend an average of 30 months in a nursing home. Many individuals buy these nursing homes using their own money, often depleting their life savings. This is not always necessary. If you intend properly, Medicaid will help cut these costs, letting you leave money for your heirs instead of spending all of it on an elderly care facility costs.
Medicare Part A identifies hospital insurance which covers up to 100 days in a skilled nursing facility. However, Medicare includes a restrictive concept of skilled nursing. Many times, elderly care facility care will never be covered under Part A. Medicaid is the only option that people need to help pay for the expense of an elderly care facility. Unlike Medicare, Medicaid is really a program that is founded on financial needs. You will end up needed to pass an asset and income test to be qualified for the Medicaid benefits. On the other hand, Medicare can be obtained to anyone older than 65 and will not consider income or assets included in the required qualifications.
You need to pass a three part test to satisfy insurance eligibility. The exam is broken into sections which includes your medical necessities, your age and disabilities and your finances. You must meet the requirement of all the three sections to become eligible for Medicaid.
The medical need portion is based on any medical restrictions the patient might have. These restrictions must limit what you can do to do daily tasks. The requirements are the individual must need daily care, skilled nursing, continuous observation, the necessity for an authorized nurse and medical needs which are not typically available from a hospital.
To be eligible, you need to be over the age of 65 or use a disability. As an example, should you be disabled and are only 60 years old, you may be qualified for Medicaid.
Your income and assets are an essential part of eligibility. All individual assets and income will likely be considered when determining eligibility. The actual amounts will be different per state. Asset tests will be different according to uahruh the person is married or single. The amount of assets allowed will likely be based on the marital status. The income cap each month also varies per state.
The income test often presents problems if you are applying for Medicaid. Should your monthly income level has ended the specified amount, you simply will not be considered. Many times, that set amount is significantly lower than the price of monthly nursing home care. This often leaves individuals in a situation where they earn too much to get Medicaid, but not enough to fund an elderly care facility care. This case is called the Medicaid Gap.
Since there are so many factors determining the eligibility for Medicaid, planning is essential. You need to consider all factors and then try to determine what your medical needs will be down the road. This is very difficult. The financial aspect is another difficult situation to handle. In many cases, people are forced to spend their life savings in order to become eligible for Medicaid programs to allow them to receive an elderly care facility care. Proper planning can alleviate many of these stresses.
You might have one shot at submitting a software form to Medicaid. Do not submit it until it has been reviewed by a professional – it might set you back hundreds and hundreds of dollars. Give us a call to have an expert evaluation process.
States typically offer online forms that you might download and print, however no states allow you to currently apply for Medicaid online and submit the form online.